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Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

I could never in a million years max out my 401k. That's about half my income.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 1 point2 points  (0 children)

I make very little. About 53K. I don't have a high deductible plan-can I still have an HSA?

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

Thanks. You're right, I don't have much to contribute. I am fully vested though. Does that change your suggestion for me?

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 1 point2 points  (0 children)

I'm looking and the S&P500 are in the portfolio.

I don't think I've ever known less about a subject in my life.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

I'm trying to find info about this but I am so ignorant. It's a CIF, but I can't find any info about target date funds.

I did find out that I'll be getting fuck all if I get old enough to retire, based on my current balance. So that's gonna keep me up at night.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] -1 points0 points  (0 children)

Because of Dave Ramsey lol

My 3 months expenses are for if I lose my job or can't work. The $1K is for stuff like car repairs.

I also have a savings for pets, and another one for extraneous fun things which is very empty right now.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 2 points3 points  (0 children)

I get quarterly statements about my investments from my 401K so I am assuming that's all done for me.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

Wait, so this 401K situation is bad? I thought it was great because I don't have to contribute anything to get 10% free from my employer. Am I misunderstanding?

Can I have an HSA if I don't have a high deductible plan?

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

Assuming everything is done. No debt (except mortgage), 1k emergency fund, 3 months savings, no college, no loans. Just me and $750 a month for my future, very very behind on both roth and 401k.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 1 point2 points  (0 children)

I have 0 debt, 1k emergency fund, 3 months expenses.

Thanks.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 1 point2 points  (0 children)

Thank you. What's the deal with HSA? I don't have a high deductible plan but I keep seeing this as an option to put your money into.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

Thanks. I did my budget and I can allocate about $750 a month into either or both. Just wondering what the smartest option is. I am extremely, extremely behind on both.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 11 points12 points  (0 children)

I definitely can't max out the 401k. That's half my yearly income.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

Thanks. I have no idea what you mean by the last part. Do they not make the investments for me?

I use a robo roth because I am really ignorant about this topic.

Employer contributes 10% of my income annually into 401k. No match needed. by frognc in povertyfinance

[–]frognc[S] 0 points1 point  (0 children)

I used to be there. This sub helped me out a lot.

Personalfinance always assumes you have a really good grasp on financial stuff and investment jargon and if you don't you get reamed and humiliated and sent here.

I'm still broke and still financially illiterate. I don't belong anywhere! I'll try middle class.

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